Kemi Adeosun Launches NIDAC to Combat Startup Failures

Kemi Adeosun, former Minister of Finance, has established NIDAC, a new platform designed to tackle Nigeria's alarming 95% startup failure rate. Officially launched on Tuesday, NIDAC aims to equip Nigerian entrepreneurs, particularly young female founders, with practical education and mentorship.

The platform will conduct a landmark national survey to identify the root causes of startup failures, emphasizing the urgent need for support in a country with the highest entrepreneurship rate globally. Adeosun highlighted the human cost of these failures, which affect every community in Nigeria.

NIDAC's first major initiative is a digital survey that seeks to document the entrepreneurial spirit within Nigerian households. The platform is structured around five interconnected pillars, including a flagship podcast and a peer-to-peer learning library.

Adeosun, who served as Minister of Finance from November 2015 to September 2018, emphasized that NIDAC is not a charity but an investment in the existing entrepreneurial ecosystem to foster growth and sustainability.